Brown Advisory
Brown Advisory Large‑Cap Sustainable Growth
US Large-cap Quality
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 6 investment theses and positions in 35 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Brown Advisory for every strategy.
What it bought and sold
We have been trimming our position during the second quarter on elevated valuation but continue to like the company’s growth prospects over the upcoming years, as we believe it maintains solid competitive footing in an industry that continues to accelerate.
We trimmed our Intuit Inc position in June on this concern.
We were able to take advantage of temporary stock weakness during the quarter due to transitory supply chain concerns while initiating the position.
Late in the quarter, we participated in the IPO of SpaceX (SPCX), accumulating a small position.
We remain optimistic regarding the company’s competitive positioning and runway for growth and added to our position during the quarter.
During the first quarter, we added to both Datadog Inc and Snowflake Inc on the broad software sell-off. Based on the strong stock performance during the second quarter, we trimmed both positions on valuation.
We also purchased Alphabet Inc Class C (GOOG) in the second quarter, after selling the name last summer.
During the first quarter, we added to both Datadog Inc and Snowflake Inc on the broad software sell-off. Based on the strong stock performance during the second quarter, we trimmed both positions on valuation.
We sold our positions in ServiceNow Inc (NOW) and Veralto Corp (VLTO) during the second quarter.
We sold our positions in ServiceNow Inc (NOW) and Veralto Corp (VLTO) during the second quarter.
Outside of Information Technology, we added one new name and sold one other during the first quarter. Cintas Corp (CTAS) is a business services company that provides uniforms, facility services and safety products to North American companies though a steady, subscription-like revenue model.
We added to our position during the quarter on weakness.
Within software, we sold Dynatrace during the quarter while continuing to build out our Datadog Inc. (DDOG) position,
The slight decrease in our absolute exposure to Financials was a function of price action and fundamentally-driven trading activity, most notably trims of Charles Schwab (SCHW) and Progressive (PGR) during the quarter.
During the first quarter, we added cybersecurity to this list with our purchase of Palo Alto Networks (PANW).
The slight decrease in our absolute exposure to Financials was a function of price action and fundamentally-driven trading activity, most notably trims of Charles Schwab (SCHW) and Progressive (PGR) during the quarter.
We also completed the elimination of our position in Verisk Analytics (VRSK) in the first quarter.
We added to our position in Snowflake during the quarter.
During the quarter, we took advantage of relative weakness in Broadcom Inc (AVGO) which we anticipate will be a major beneficiary of the anticipated data center infrastructure buildout over the coming years.
Within software, we sold Dynatrace during the quarter while continuing to build out our Datadog Inc. (DDOG) position,
Also held
Its investment theses
- Arista Networks IncJun 2026Arista Networks Inc supplies cloud and AI networking infrastructure with a software-centric moat, structural share gains, and strong growth prospects.
- SpaceXJun 2026SpaceX combines launch, connectivity, and AI businesses with durable launch advantages, long-term Starlink growth, and significant option value.
- Spotify Technology SAJun 2026Spotify Technology SA is an audio streaming platform whose new products, premium add-ons, and ad strategy should support long-term growth and profitability.
- Intuit Inc.Mar 2026Intuit is a leading tax and accounting software company whose trusted brand, wide moat, and history of integrating new technology support the view that it can win in AI.
- Marvell Technology, Inc.Mar 2026Marvell Technology designs data-infrastructure chips and is backed by rising estimates and NVIDIA’s AI-infrastructure investment.
- Cintas CorporationMar 2026Cintas provides uniform and facility services through a subscription-like model, with scale, route density, margin expansion, and acquisition synergies supporting its long runway.